After revealing its earnings numbers for the first three months of 2014 yesterday afternoon, Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) lost about 9 percent of its value. The search giant picked a bad time to under-perform. Investors have been generally nervous about the plight of internet stocks since the start of the year, and they showed that nervousness after close yesterday.

Nervous holders of stock in Google shouldn’t be expecting the company to collapse overnight, and that appears to be recognized across Wall Street this morning. Google shares are unlikely to fall into fire sale mood this morning, and investors thinking of selling out should consider why they bought into the Mountain View company in the first place.

Google Is Still Weak Where Everyone Expected

A couple of things were clear from yesterday’s Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) earnings report. The company is seeing less return from desktop advertising, mobile CPC is not growing as quickly as everyone would like, and costs are increasing almost across the board. These trends were expected before Google released it numbers on Wednesday, and a little bit of variance in the particulars shouldn’t scare investors unduly.

Google  is still leading the pack in mobile advertising, and it is in the best position to take control of the industry once it matures. The company’s revenue is still growing at a swift pace, and its earnings are still strong.

Google showed strength where everybody expected. It was the magnitude of some numbers, and the miss of headline figures for Google that caused the overnight slide in the value of the company. The knee-jerk reaction to the disappointment will have died down by the time the market opens this morning; investors will have realized that last night’s report held little in the way of real surprise.

Google Return May Be Hampered In Short Run

If Google shares don’t decline today, that doesn’t mean the company is set up for growth. Shares in the advertiser sell at more than 30 times earnings. Revenue at the firm is still growing quickly, but that doesn’t imply guaranteed success. Google has a lot of growth priced in and, in a nervous market, the company will have to demonstrate where that growth is coming from if its wants to grow further.

That means that shares in the company may stall on the back of the worse than expected earnings. Google appears to have few headline pressures that could drive the stock upward in the coming months. The firm’s hardware, and most of its software, projects don’t make any money, and the firm’s shareholders are better served by spending as little time studying them as possible.

Google is still the major player in the internet, and the company is set up to continue that dominance over the medium term. Problems with the switch to mobile continue to plague the entire industry, and that may slow growth for a while. Shareholders shouldn’t panic. Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) is the king of advertising, and that business isn’t going away.

Disclosure: Author represents that he has no position in any stocks mentioned in this article at the time this article was submitted.